Square to ink payment-processing deal with Burberry -- report

A merchant who uses Square lets potential buyers know so during an antiques fair in Alameda, Calif.
James Martin/CNET

Square has lined up its first luxury-brand partner, a new report claims.

Square and the Burberry clothing chain are testing out a deal to see how the payment processing might work in its stores, The Next Web reported today, citing people who claim to have knowledge of the deal. The announcement could be made soon.

Burberry CTO John Douglas already spilled the beans, albeit unofficially. On Twitter last week, Douglas noted that Square was "live in our Burberry Brit store in San Francisco."

Square has been growing by leaps and bounds. The company, which offers a free accessory that attaches to an iPhone or iPad and processes payments, announced last month that it is now handling $10 billion in transactions annually. Just two months prior, that figure stood at $8 billion.

Central to Square's success is partnering with major vendors. Starbucks has integrated Square's service into 7,000 U.S. stores. That Burberry is now testing it is even more good news for the company.

CNET has contacted Square for comment on The Next Web's report. We will update this story when we have more information.